Top Clicks

Top Posts

Archive for the ‘ADB’ Category

Asia’s developing economies are suffering more than expected from the global slowdown and must take steps to reduce their reliance on exports, the head of the Asian Development Bank said Thursday.

ADB president Haruhiko Kuroda called on developing countries such as India and China to take steps to boost domestic demand to offset the impact of recessions in major developed economies. (বিস্তারিত…)

ADB Deputy Director General for South Asia Frederick Roche said yesterday Bangladesh needs to begin preparation by now to face any worst situation of the global economic recession, which has gone beyond predictions by the world’s top economists.

“Bangladesh’s macro-economy has so far remained immune from the impact of recession. But, of course, time is now to begin preparation,” the visiting official of Asian Development Bank told reporters, after a meeting with Finance Minister AMA Muhith at the finance ministry. (বিস্তারিত…)

The Asian Development Bank (ADB) will provide a grant of $2 million to develop the micro-insurance sector in Bangladesh and help reduce the vulnerability of the poor from sudden losses in income.

Around 20,000 people in Bangladesh are expected to directly benefit from the grant provided from ADB’s Japan Fund for Poverty Reduction (JFPR), ADB said in a statement released from Manila yesterday.

The grant will finance development of low-cost insurance services to protect the livelihoods of the poor, especially women, from risks such as accidents, illness, theft, and natural disasters.

It will also fund an insurance awareness campaign and training to at least 50,000 rural poor households.

“Those risks that would mildly affect middle class households are a significant setback for the poor and often push them deeper into poverty,” said Mayumi Ozaki, finance specialist for rural and microfinance of the South Asia Department.

“Problems like illness, fire, or theft can severely set back efforts to ease poverty. Without insurance, the poor resort to borrowing from informal sources, withdrawing from their savings, or selling assets to cope with these shocks.”

Although microcredit is well-established in Bangladesh, micro-insurance, while gaining in popularity, is still a relatively new concept. It is estimated that 93 percent of the country’s total population has no access to insurance services.

“The project will promote micro-insurance through non-governmental organisations with a long-established presence among poor communities, high accountability and sustainability, and the presence of a regulatory body,” said ADB said.

Asian Development Bank (ADB) will help Bangladesh make progress toward the Millennium Development Goals (MDGs) and turn it into a middle-income country by 2021 as pledged by the government of Sheikh Hasina.
The assurance was given by visiting ADB Vice-President Xiaoyu Zhao during his meeting with Prime Minister Sheikh Hasina at her office yesterday.
The ADB senior executive also assured the prime minister of the bank’s support to address the adverse effects of global financial crisis, infrastructure development and promote regional cooperation, particularly in sub-regional energy cooperation, transport connectivity and tourism development.
“We look forward to working more closely with the new government to secure further development of the country and help realise its vision,” he told the prime minister, according to a statement issued by the ADB’s Bangladesh resident mission.
Zhao said ADB stands ready to support the government to overcome any adverse effects of the global financial crisis and achieve a more inclusive socioeconomic development by raising investment in health, education, and agriculture, among other sectors.
“We’re firmly committed to assisting the government in scaling up the pace of infrastructure development, increase power production and ensure energy security,” said the ADB VP.
He added that the ADB is keen to assist the government in promoting regional cooperation, particularly in sub-regional energy cooperation, transport connectivity and tourism development. “We appreciate Prime Minister Sheikh Hasina’s commitment to forge a strong regional cooperation.”
Zhao said they are encouraged to see the government’s commitment to continue the reforms initiated during the caretaker administration.
“As a trusted development partner of Bangladesh, ADB also remains fully committed to assisting Bangladesh to face the critical development challenges ahead, including climate change.”
He mentioned that the collaboration between Bangladesh and ADB has increased substantially. In 2008, disbursements of ADB funds reached a record of $ 615.64 million, with contract awards of $ 506.17 million.
“We’re particularly encouraged in this context by the government’s commitment to expedite project implementation and stand ready to work together to help fulfill this important objective, especially against the background of the global financial crisis,” said the visiting ADB vice president.